Pacaso’s Second Home Market Report Reveals Buyers Flock to Nearby Drive Destinations as Second Home Prices Rise 20% Year-Over-Year Nationwide | Ezine Daddy

“Low inventories continue to drive record prices for first and second homes across the country. With soaring home prices and limited inventory, making efficient use of existing homes is more important than ever,” said Pacaso co-founder and CEO Austin Allison. “Pacaso’s co-ownership business model offers a unique solution to the current challenges in the housing market. Pacaso is for homes the same way carpooling is for traffic. We consolidate multiple buyers to share ownership of a home, which minimizes competition for existing limited inventory and ultimately reduces the upward pressure of price increases.”

Six counties in The United States had more than 50% growth in median second home prices over last year Valley County, Idaho shows the greatest growth, 98% more than last year. valley county is the home of the spa town McCallfull of countless outdoor activities, from Payette Lake to three ski resort mountains, a popular destination for boise City dwellers and those seeking wide open spaces.

“The permanent shift to working from home has forever changed the way people work and gives second home buyers more flexibility to spend time away from their primary residence and office,” Allison said. “Coupled with rising house price increases, the demand for second homes in regionally influenced destinations is growing faster than in prime destinations, such as e.g aspen or Malibu. Communities that are a short drive from major subways are gaining interest as many families seek a second home where they can spend more time living and working. Ease of access, proximity to outdoor recreation and a desire for community remain important factors in second home purchasing decisions.”

Cumberland County, Maine recorded the next largest increase in second home prices in the first quarter of 2022, with a year-on-year increase of 91.3%. Cumberland County is home to the popular coastal community Cape Elizabethwhich is less than 30 minutes’ drive away Portland. Embracing the shores of Casco Bay, Cape Elizabeth is known for its rich history, lighthouses and New England charm.

Pacaso Reporting County

Medium second home purchase
price year-on-year

Valley County, Idaho

98.5%

Cumberland County, Maine

91.3%

Gillespie County, Texas

77.7%

Kittitas County, Washington

75.8%

Washington County, Rhode Island

54.5%

Chelan County, Washington

50.3%

Camden County, Missouri

48.7%

York County, Maine

45.8%

Breckenridge, Colorado

45.3%

The third largest median second home price growth as of Q1 2022 came from Gillespie County, Texas, which saw a 77.7% increase in the median price of second homes compared to the first quarter of last year. Located in the Texas Hill Country, about 70 miles west of Austin, the county has become a growing wine tasting destination. The price increase in Gillespie County is likely driven by several factors, most notably its proximity to Austin, one of the fastest growing cities in the country. The current 2022 population of the Austin metro area is 2,176,000, a 2.79% increase from 2021.

“Early technology companies like Oracle and Tesla have moved their headquarters to Austin, and others like Google and Facebook have expanded their presence in the US Texas “The nearby boom and infiltration of tech money mixed with the beauty of Hill Country likely explains the sharp rise in prices as inventories remain low and demand across the country continues to exceed pre-pandemic levels.”

The rate of mortgage interest rate freezes for second homes was 4.2% in the first quarter of 2022, 1.2 times the pre-pandemic national average (i). In the 1st quarter of 2022, Fannin County, Georgia, recorded the largest growth in second home transactions at 109.8% YoY. county town is Blueridge, Georgia, a charming mountain town in the lush Chattahoochee National Forest, known for hiking along the Appalachian Trail, rafting nearby on the Ocoee River and the scenic Appalachian Railway Train. it is crucial Fannin County is only about a two hour drive away Atlantamaking it a viable second home destination for those wanting to stay within driving distance Atlanta metropolitan area.

The report includes real estate occupancy and mortgage interest lock data. It includes counties whose percentage of seasonal homes and median home values ​​are both at or above the top 20th percentile. Mortgage rate lockout data is a leading indicator of second home buying activity. Download the full dataset here. To view the full report, please visit Pacaso to blog.

(I). The average percentage of second home mortgage rate lockups from 2015 to EOY 2019 is 3.5%.

About Pacasso

Pacaso® is a technology-enabled marketplace that is modernizing co-ownership to make second home ownership possible and enjoyable for more people. Pacaso curates luxury deals with premium amenities and modern high-end interior design, offers ⅛ to ½ ownership with integrated financing and professionally manages the home after purchase and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff In 2020, Pacaso is active in more than 35 prime second home destinations around the world. Pacaso was certified as Good place to work and is recognized as one by Glassdoor 2022 Best Employers.

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SOURCE Pacaso

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